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20091101
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and ended near the day's best levels. >> susie: president obama will be in copehnhagen next month for the global climate summit. he will face many pressing questions including how much money will the u.s. contribute to help developing countries fight climate change? the answer's not yet known. but we do know that obama will unveil a plan to cut greenhouse gasses by 2020. specifically a commitment to cut emissions by 17% over the next decade. another pressing issue for president obama: afghanistan. the white house said today the united states will not be in afghanistan for another eight or nine years. that word as the administration lays the groundwork for president obama's announcement on tuesday of a new war strategy. darren gersh takes a look at a question many are asking: how much will the new strategy cost. and what will it mean for the economy? >> reporter: in iraq and afghanistan total spending is on pace to hit $1 trillion by the end of the 2010 budget year. our annual defense spending has not been this high since world war ii. but weighed against our gross domestic product
fighclimate change? the answer's not yet kno. but weo know that obama will unveil a plan to cut greenhoe gasses by 2020 specifical a commitment to cut emissions by7% over the next cade. anothepressing issue for president obama: afghanist. thwhite house said today the united states will not bin afghistan for another eight or nine years. that word as thedministration la the groundwork for prident obama's announcement onuesday of a new war strategy. darren gersh takes a looat a question many are asking: ho much will the nestrategy cost. and what will it mean for e economy? >> reporter: in iraqnd afghanistan total spding is on pace to hit $1 tllion by the end the 2010 budget year. our annual defensepending has not been this high since wor war ii. but weighed ainst our gross domestic product theroadest measure of ecomic activity anthony cordesma an adviser to the state department and pentagonays the wars in ghanistan and iraq are not a undue burden. >> with two wa and that includes still an iraqffort which is much more expensi than the afgn effort, the burden on thamerican economy is a littl
>> pau less talk, more action. e obama administration wants to turn the ti when it comes to feclosures, so it turning up the heat on mortgage servicers to help borrows keep their homes. >> susie: if you went to t mall this weeken you know shoppers were buyi. t investors started buying retail stocks monthsgo. we'll look at whshares of retailers are doing well. >> paul: uni leaders will be ong president obama's guests at thursday's whe house summit on jobs. tonight, we ask the f.l./c.i.o.'s damon silvers how s union will help the president create js. >> susie: whent comes to investg, do you follow the herd? coming up, surprisg evidence on what makes you oose the stocks you choose. >> paul: i'm paukangas. >> susie: and i'm sie gharib. this is "nightly busins report" for moay, november 30. "nhtly business report" is made possib by: thisrogram is made possible by contributions tyour pbs statn from viewers like you. thank you. caioning sponsored by wpbt >> susie: good ening, everyone. tough action todayrom the whe house to stop the pace of foreclosures. the obama admistration
of bank regulators with a brand new one. but that's not even close to what the obama administration wants. >> paul: cisco c.e.o. john chambers sees the economic recovery gaining ground, and his upbeat outlook lights a fire under wall street, sending the dow up triple digits. coming up, our conversation with john chambers. >> susie: then, the droid is almost here. it's verizon's latest move to invade apple's turf. a look at the droid as the smart phone wars heat up. >> paul: i'm paul kangas. >> susie: and i'm susie gharib. this is "nightly business report" for thursday, november 5. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening, everyone. one of the biggest insider- trading cases in years got even bigger today. federal prosecutors filed criminal charges against 14 investment professionals, including a former moody's analyst, an executive at atheros communications and the founder of incremental capital. those firms had no comment. today's a
, everyone. creating jobfor americans is nojob number one for president obama. announced today plans for a white house jobs summit in december with os, small busine owners, economists, and labounions. the announment came just hours ter the government reported some encouraging news om the lar front-- the number of u.s. workers filing for jobss benefi last week fell to the lowest level since janua. buwith the nation's unemployment rate at 10., the presidt said he's open to new ids on ways to hire out-of- work americans. it's important that we don' make any illonsidered decisions, even withhe best of intentions, pticularly at a time when our resoces are so limite but it's jusas important that we are open any demonstrably od idea to supplement the sts we've already taken to put amera back to work. that's what this fum is about. >> sie: joining us now for more analysis on theresident's jobs summi alec phillips, political analyst at goldman sachs. , alec. >> good be here. >>usie: why the focus on jobs, now, from presint obama? >> i think there are probay two things that have happened tha
regular, senator dodd's bill goes much rther than the obama admintration proposed if passed, it would behe largest government shakeup sce the creati of the department ofomeland security. is it a go idea? darren gersh p that question to treasurassistant secretary michael barr, a key playern the obama adnistration's reform efforts. >> i think the key issue is not who's up or w's down or what the regulatory bos are in reform. the key principles tha we have to have are new clea rules of the road f financial fis, tougher forms of supersion,rotection of consumers andnvestors, going after problems with mornls- mortgages d overdrafts a credit cards thatare still hard on american consers today d ending this perception of too big fail. those are thkey msures wel be judging any reform on >> b there's an impornt int which is thatenator dodd doesn'seem to have a great deal of cfidence in the federal reserve as a regulalater so, he wants to put the regulatory function i a diffent agency and have the fed do less. do you think he' wrong? >> i think therewas a regulatory failu all arod in t system. our fi
is now job number one for president obama. he announced today plans for a white house jobs summit in december with ceos, small business owners, economists, and labor unions. the announcement came just hours after the government reported some encouraging news from the labor front-- the number of u.s. workers filing for jobless benefits last week fell to the lowest level since january. but with the nation's unemployment rate at 10.2%, the president said he's open to new ideas on ways to hire out-of- work americans. >> it's important that we don't make any ill-considered decisions, even with the best of intentions, particularly at a time when our resources are so limited. but it's just as important that we are open to any demonstrably good idea to supplement the steps we've already taken to put america back to work. that's what this forum is about. >> susie: joining us now for more analysis on the president's jobs summit, alec phillips, political analyst at goldman sachs. hi, alec. >> good to be here. >> susie: why the focus on jobs, now, from president obama? >> i think there are pr
goes much further than the obama administration proposed. if passed, it would be the largest government shakeup since the creation of the department of homeland security. is it a good idea? darren gersh put that question to treasury assistant secretary michael barr, a key player in the obama administration's reform efforts. >> i think the key issue is not who's up or who's down or what the regulatory boxes are in reform. the key principles that we have to have are new clear rules of the road for financial firms, tougher forms of supervision, protection of consumers and investors, going after problems with mornls -- mortgages and overdrafts and credit cards that are still hard on american consumers today and ending this perception of too big to fail. those are the key measures we'll be judging any reform on. >> but there's an important point which is that senator dodd doesn't seem to have a great deal of confidence in the federal reserve as a regular later so, he wants to put the regulatory function in a different agency and have the fed do less. do you think he's wrong? >> i think there
of prident obama and democratic lawmake. but with far dferent plans emergingn the house and the senate, getting a bill on e president's desk will be neasy ta. stepnie dhue reports. >> reporter:t took the federal resee 14 years to use the power itad to rein in predaty mortgage lending. senate bankingommittee chairman chris dodd ys if they didn't use it, they ould lose it. and that's one rson he wants to replace the ahabet soup of bankegulators with a brand new one. >> i'd like to begin tre, otherwise what you gets charter shopping. you create within your finanal institution definition of urself that allows you to pi the regulator, and so u pick the weakest regulator, t one that'soing to let you get away with murder on this stuff, a then y end up with the kind of messes you did. >> reporter: that apoach is at odds with legislatn the house is writing. thhouse bill puts the federal reservin the driver's seat, supervising the rgest financial rms. but dodd thinks that dsn't do enough to change theystem. >> wwant to go back and look at wt went wrong, where were e gaps, and there were huge gap
. suzanne pratt, "nightly business report", new york. >> susie: american jobs are one issue president obama will bring up when he meets with chinese leaders in beijing tomorrow. it all comes down to chinese exports and the value of the country's currency, the yuan. but as darren gersh reports, it's unlikely the chinese will make any sudden change in policy. >> reporter: the holiday season is when u.s.-china economic relations shift into high gear. low-priced chinese goods stock our shelves, and a flood of dollars heads back across the pacific. keeping that going is a top priority for party leaders in beijing, says currency analyst win thin. >> they favor stability in times of crisis. i believe if you read the official comments, they believe they are still in the crisis. >> reporter: american exporters argue the yuan is kept artificially undervalued in order to boost chinese exports, a complaint president obama will raise in beijing. but win thin expects chinese leaders will not allow the yuan to budge until the financial crisis is safely behind them meaning next summer at the earliest. eve
lebook is a top priority of esident obama and democratic lawmars. but with farifferent plans emergi in the house and the senate, getting a bill othe president's desk will beo easy sk. sthanie dhue reports. >> reporte it took the federal rerve 14 years to use the power had to rein in predory mortgage lending. senate banki committee chairman chris dodsays if they didn't use it, theshould lose it. and that's oneeason he wants to replace thelphabet soup of ba regulators with a brand new one. >> i'd like to beginhere, otherwise what you g is charter shopping. you create within your fincial institutioa definition of yourself that allows you to ck the regulator, and syou pick the weakest regulator,he one that going to let you get away with murder on this stuff,nd thenou end up with the kind of messes you did. >> reporter: that proach is at odds with legislion the house is writing. e house bill puts the federa resee in the driver's seat, supervising thlargest financiafirms. but dodd thinks thatoesn't do enough to change t system. >>e want to go back and look athat went wrong, where were th
obama administration is plging help. in a morial service at arlington natial cemetery day, the president said he wi do right by veterans, and he'signed an executive order aimed atoing just that-- creating the council o terans' employment. its goal: encouraging fedel agenci to recruit and train military veterans. but 's not a problem the government alone can fix so this veterans day, don't st thk a vet, hire one. paul? >> paul: hiras many as you poibly can afford. >> susie: that's absolutely a good poly. that's "nighy business report that's "nightly busiss report" for weesday, november 11. i'm sie gharib. goodnight,veryone and good night to you, paul. >> pl: goodnight, susie. i'm paul kangas wishing alof yothe best of good buys. "nightly businesreport" is ma possible by: this program w made possible by contributions to your pbs station from viewers like yo thank yo captioning sponsoredy wpbt captioneby mediaccess group at wgbh access.wgbh.org
and afghanistan it's far worse,r 14%. now the obama administration is pledging help. in a memorial service at arlington national cemetery today, the president said he will do right by veterans, and he's signed an executive order aimed at doing just that-- creating the council on veterans' employment. its goal: encouraging federal agencies to recruit and train military veterans. but it's not a problem the government alone can fix. so this veterans day, don't just thank a vet, hire one. paul? >> paul: hire as many as you possibly can afford. >> susie: that's absolutely a good policy. that's "nightly business report". that's "nightly business report" for wednesday, november 11. i'm susie gharib. goodnight, everyone and good night to you, paul. >> paul: goodnight, susie. i'm paul kangas wishing all of you the best of good buys. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org
spending rose 0.8% in september, when a drop was expected. but president obama today warned of more job losses to come in a white house pow-wow with his recovery advisory board. the president said creating new jobs is his administration's overriding focus. on wall street, that unexpected profit at ford motor helped wall street open with a rebound from friday's steep selloff. an hour into trading, the dow posted a 135-point gain, and the nasdaq was up 21 points. bullish enthusiasm was also fueled by today's better than expected economic readings. by midday, sellers started taking profits, wiping out the early gains. but a late rally lifted stocks to a positive close. the dow industrial average ended up 76.71 at 9789.44. the nasdaq gained 4.09 to 2049.20. the s&p 500 added 6.69 points to 1042.88. in the bond market, the ten-year note fell 10/32 to 101-21/32, putting the yield at 3.42%. >> susie: our guest tonight says he's cautious when it comes to investing money for his clients. joining us now: henry johnson, c.e.o. of fiduciary trust, a big money management firm based in new york. henr
taxredit. meanwhile, constructiospending rose 0.8% in stember, when a op was expected. bupresident obama today warned of me job losses to come in a white houspow-wow with his recovery advisorboard. the president said cating new jobss his administration's erriding focus. on wall street, th unexpected profit at ford mor helped wall street open with a rebnd from an hour into trading, e dow posted a 135-point gain, andhe nasdaqas up 21 points. bullish enthusia was also fueled by today'better than expected econoc readings. by midday, sellers start taki profits, wiping out the early ins. t a late rally lifted stocks to a positive close. the dow industrial arage ended up 76.71 at 89.44. the sdaq gained 4.09 to 2049.20. the s&p 500 adde6.69 points to 10.88. in the bond market, e ten-year note fl 10/32 to 101-21/32, putting the yielat 3.42%. >> susie: ouguest tonight says he's cautious en it comes to investing moy for his clients. ining us now: henry johnson, c.e.o. ofiduciary trust, a big money manageme firm based in new york. henry, weome to nightly business report. >>hanks foraving me. >> let
. the bill now heads to thhouse, where quicaction is expected. and thenn to president obama for signature. stoc on wall street opened sharply higher in ancipation e fed would hold rates stead an hour into tding, the dow jued 141 points with the nasdaq up 22 points. the rallwas also linked to a weaker dollar which boostethe commodity seor. mewhat supportive were two private reports showg job losses werslowing. even so, the market st ground in cppy afternoon trading, resulting in a mixedlose. >> susie: a petalk and survivallan from chrysler today. the struggng automaker's new boss, sergio marchionne of ft, spelled out a w 5-year busiss plan to rev up chrysler which erged from bankruptcy five months ago. marchionne kicked thingsff with the good ws. chrysler is sittg on $6 billion f cash. he also saidhrysler will break even next year double sales 20 and increase its market are from 9% to 13% over the next five years. marchionne's remarks werpart of marathon briefing session with analysts and jourlists at chrysler headquarters. our diane eastabrookas there and is snding by in auburn hills, mic
to boost chinese exports, a complaint prident obama will ise in beijing. but win in expects chinese leaders will not aow the yuan to budgentil the financial crisis is safely behinthem meang next summer at the earliest. even so, the chinese areware a "loose yn" policy may overheat their economy. >> where does all th liquidity go? it does go to bung goods. it goes to buying-- rhaps into investg in plants and frastructure. a lot of it is going into set markets. the property mart is apprching bubble territory. equity markets a frothy. so i think the policy kers are concerne >> reporter: trade expert da griswold is someat less concerned. argues u.s.-china trade has provided stabity to the global onomy. >> part of the rebnd in east asia icountries ability to exrt to china and to hitch their wagon to china's connued strong growth, so i think is in china's ierest to liberalize it'currency, that's one stacle to yuan becoming a more global currencybut i don't see crisis. >> reporr: while many u.s. manufacturers would like to e china boost its currcy, they are not pecting rapid results. at the nation
money in your first, second and third best idea. and of course with obama care and the scare that's going on with our health care companies and pharmaceutical companies, all their market prices went over the proverbial cliff, which gave us a chance to buy cheap. >> paul: you also have a large position, happily, in berkshire hathaway which did very well today. are you happy with today's deal and the acquisition of burlington northern? >> great acquisition for warren buffett and berkshire hathaway. great fit with his insurance operations, the volatility in the insurance versus the stability of the railroad. big acquisition, gets to put a lot of cash to work and he could put more and more cash over time as the economy grows, and there's a switch towards the rail versus trucking. >> paul: although 40% of your fund is invested in health care stocks, this sector hadn't been among the leaders this year and that's hurt your short-term performance. are you still bullish on health care? >> well, people are worried about a new health care policy and what the government is going to do. but at
, the first time it's hit double- digits in 26 years. president obama called the new statistic "a sobering number". and no matter how you look at the october job numbers they are sobering: american businesses cut 190,000 jobs. they have reduced payrolls for 22 straight months. the total number of jobs lost in the recession has now reached 7.3 million. this latest employment report shows that the job market is still weak, even though there are other signs of improvement in the u.s. economy. erika miller reports. >> reporter: one out of every ten workers in america is not working. and not by choice. today's data show almost 16 million of people are looking for jobs a harsh reminder of the pain caused by the great recession. economist bruce kasman warns things are likely to get worse. >> i think it's a reasonable chance that by the time the labor market reaches its worst point, we are actually going to have the worst labor market that we've had in the united states since the great depression. and that's a pretty sobering reality. >> reporter: speaking of sobering, by one measure, the jobless
. >> suzanne: the name is different, but the mission is the same. the obama administration has replaced president bush's corporate fraud task force with a new "financial fraud enforcement task force." attorney general eric holder says much of the old group's work will continue, including dozens of probes into crime on wall street. but the new task force will also take on mortgage fraud and other financial crimes. >> the investigations that were under way continue. there are new investigations that have been launched, obviously can't talk about anything that is ongoing. but our focus is on all the places where we find or possibly can find fraud. whether it's on wall street, in the housing industry. the full breadth of those activities that led to at least in mart helped to bring about the financial criess that we are dealing with is the scope of this task force. >> suzanne: holder also weighed in on the government's recent loss in its case against two bear stearns hedge fund managers charged with fraud. he says the justice department is analyzing why a jury recently acquitted the men. >>
Search Results 0 to 27 of about 28 (some duplicates have been removed)